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Lease vs Buy Guide
Make the right financial decision for your next vehicle
Whether you're looking for lower monthly payments or long-term ownership, we'll help you choose the best option.
Quick Decision Guide
Choose based on your priorities
Consider Leasing If:
- You want lower monthly payments
- You like driving the latest models
- You drive less than 20,000 km/year
- You prefer warranty coverage
- You don't want maintenance hassles
Consider Buying If:
- You want to build equity
- You drive more than 20,000 km/year
- You want freedom to modify
- You plan to keep the car long-term
- You want no mileage restrictions
Detailed Comparison
Understanding the key differences
| Factor | Leasing | Buying |
|---|---|---|
| Monthly Payments | Lower 20-40% less | Higher Full depreciation |
| Down Payment | Lower Usually $0-$3,000 | Higher 10-20% of price |
| Ownership | No Return at end | Yes Build equity |
| Mileage Limits | Yes 16,000-24,000 km/year | No Limits Drive as much as you want |
| Wear & Tear | Charges Apply Must maintain condition | Your Choice Affects resale value |
| Modifications | Not Allowed Must return original | Allowed Customize as you wish |
Cost Calculator
Compare the total cost of leasing vs buying
Buying (Finance)
$0
Monthly Payment
$0
Total Cost (5 years)
$0
Estimated Equity
Leasing
$0
Monthly Payment
$0
Total Cost (5 years, 2 leases)
$0
No Equity
These are estimates for comparison purposes. Actual costs may vary based on credit score, incentives, and other factors.
Pros & Cons
Weighing your options
Leasing
Pros
- Lower monthly payments
- Warranty coverage for entire lease
- Always drive a newer car
- No depreciation risk
- Potential tax benefits for business
Cons
- No ownership or equity
- Mileage restrictions and fees
- Wear and tear charges
- No modifications allowed
- Early termination fees
Buying
Pros
- Build equity and ownership
- No mileage restrictions
- Freedom to modify
- Can sell anytime
- Lower long-term costs
Cons
- Higher monthly payments
- Depreciation affects value
- Responsible for maintenance after warranty
- Need to handle selling/trading
- Higher upfront costs
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